Business category, Page 197
The Hartford agrees to pay $650M in Boy Scouts bankruptcy
DOVER, Del. — Insurance company The Hartford has agree to pay $650 million into a proposed trust fund for victims of child sexual abuse as part of the Boy Scouts of America bankruptcy case. In exchange for the payment, the Boy Scouts and its local councils would release The Hartford...
Duquesne Light seeks to raise rates by 7.7%
Duquesne Light Co. wants to raise the electric bills for residential customers by 7.7%, an increase that would cost users another $7.73 a month on average, or about $92 a year, the Pittsburgh-based company said. The request was filed Friday with the Pennsylvania Public Utility Commission. If approved, which is...
Mercedes rolls out luxury electric car in duel with Tesla
FRANKFURT, Germany — Daimler AG on Thursday unveiled a battery-powered counterpart to its top Mercedes-Benz luxury sedan as German carmakers ramp up their challenge to electric upstart Tesla. The EQS is the first Mercedes-Benz vehicle to be built on a framework designed from the start as an electric car, rather...
Dow crests 34,000 on more proof that economy is recovering
NEW YORK — Wall Street notched more milestones Thursday, as a broad market rally pushed the S&P 500 to an all-time high and the Dow Jones Industrial Average crossed above the 34,000 mark for the first time. The S&P 500 rose 1.1%, with technology, health care and communication stocks accounting...
Trader Joe’s Restaurant Style White Corn Tortilla Chips recalled
Snak King Corp. of City of Industry, Calif., has recalled Trader Joe’s Restaurant Style White Corn Tortilla Chips because they may contain milk. Milk is an allergen and is not listed on the label as an ingredient. People who are allergic to milk could have “a serious or life-threatening allergic...
Trib Total Media to host free digital marketing program for businesses, entrepreneurs
Business owners and entrepreneurs seeking efficient and effective solutions to help reinvigorate their businesses as covid restrictions loosen can learn digital marketing tactics, trends and strategies during a virtual program Friday that will help them reach their marketing goals. “We want to help our advertising partners as the region and...
Most stocks rise, indexes end mixed as earnings kick off
NEW YORK — Most stocks rose on Wednesday, but indexes petered out to a mixed finish as momentum weakened following an encouraging start to what’s expected to be a thunderous earnings reporting season. The S&P 500 fell 16.93 points, or 0.4%, to 4,124.66, a day after returning to an all-time...
Coinbase is here: A digital currency exchange goes public
Wall Street is still waiting on the first trade for Coinbase, as the digital currency exchange makes its highly-anticipated debut on the stock market. Coinbase Global Inc. is making its initial public offering of stock Wednesday with cryptocurrency chatter seemingly everywhere, even at the U.S. Federal Reserve. Digital currencies are...
Sheetz makes Fortune Magazine’s list of best companies to work for
Is Sheetz a good place to work? According to a new list, MTOh, yeah. Fortune Magazine released its 2021 list of the 100 Best Companies to Work For on Monday. “Prolonged shutdowns. Workforces that felt isolated and overwhelmed. You name it, covid brought it. Still, these companies managed not just...
Bally’s buying Tropicana hotel on Las Vegas Strip for $308M
LAS VEGAS — The Tropicana Las Vegas Hotel and Casino is being sold. Bally’s Corp. announced Tuesday it will acquire the iconic Las Vegas Strip property from Gaming and Leisure Properties Inc. for about $308 million. The agreement for the nearly 1,500-room hotel, casino, theater and convention property also involves...
Stocks close mixed as regulators seek pause in J&J vaccine
A choppy day of trading on Wall Street ended with indexes mixed Tuesday as a drop in bond yields hurt bank stocks but helped big technology companies. The S&P 500 rose 0.3% after briefly slipping into the red in the early going. The modest gain nudged the benchmark index to...
U.S. agency probing air bag failures in 750,000 GM vehicles
The U.S. government’s highway safety agency is investigating complaints that the air bags may not inflate in a crash on thousands of General Motors vehicles. The National Highway Traffic Safety Administration says the probe covers nearly 750,000 Chevrolet, Cadillac and GMC vehicles from the 2020 and 2021 model years. Most...
John Dorfman: Nvidia, Adobe lead off 30-30 club
Only 41 baseball stars have ever made the 30-30 club — the likes of Hank Aaron, Willie Mays and Mike Trout. To make it, you have to hit 30 home runs and steal 30 bases in a season. I have a 30-30 club for corporations. To make it, they have...
U.S. budget deficit jumps to record $1.7 trillion this year
WASHINGTON — The U.S. government’s budget deficit surged to an all-time high of $1.7 trillion for the first six months of this budget year, nearly double the previous record, as another round of economic-support checks added billions of dollars to spending last month. In its monthly budget report, the Treasury...
Drivers wanted: Record demand at Uber as vaccinations rise
Uber is offering sign-up bonuses and other incentives for drivers as it faces record demand for rides and meal delivery. The San Francisco ride-hailing company said Monday that total monthly bookings, including food delivery and passenger service, reached an all-time high in March. In a government filing, the company said...
Stocks end slightly below latest record highs as tech slips
Stock indexes gave up some of their recent gains Monday, pulling the S&P 500 slightly below the record high it hit last week. Technology, communication and energy stocks weighed on the market, outweighing gains by a broad mix of companies, including banks and those that rely directly on consumer spending,...
Business faces tricky path navigating post-Trump politics
WASHINGTON — For more than a half-century, the voice emerging from the U.S. Chamber of Commerce’s monolithic, Beaux Arts-styled building near the White House was predictable: It was the embodiment of American business and, more specifically, a shared set of interests with the Republican Party. The party’s bond with corporate...
ATI calls on Steelworkers union to let employees vote on contract offer
As a strike by the United Steelworkers union nears two weeks, Allegheny Technologies Inc. is calling on the union to allow employees to vote on the company’s contract offer. ATI spokeswoman Natalie Gillespie said details of the company’s proposal have not changed since March 29, the day before about 1,300...
Walmart eyes local companies as McDonald’s exits some stores
As McDonald’s works on closing some of its locations within Walmart stores, the retailer is looking to put local businesses and others into place. McDonald’s has gradually been closing locations at Walmart stores over the years but will keep a presence within about 150 Walmarts. Walmart spokeswoman Molly Blakeman said...
Tech companies help lift stocks, push S&P 500 to record high
Technology companies helped lift stocks higher on Wall Street in afternoon trading Friday, placing the market within striking distance of more record highs. The gains are in line with the market’s modest upward tack this week as investors weigh concerns about the virus tripping up a steady economic recovery against...
Amazon warehouse workers reject union bid in Alabama
Amazon workers voted against forming a union at a warehouse in Alabama, handing the online retail giant a decisive victory and cutting off a path that labor activists had hoped would lead to similar efforts throughout the company and beyond. After months of aggressive campaigning from both sides, 1,798 warehouse...
Florida sues federal government to allow cruises to sailVideo
MIAMI — The state of Florida has filed a lawsuit against the federal government to demand cruise ships be allowed to start sailing immediately, Gov. Ron DeSantis announced Thursday. DeSantis said the no-sail order is outdated and hurts the state as the industry generates billions for the economy and employs...
Fed’s Jerome Powell: U.S. nears full reopening to ‘different economy’Video
WASHINGTON — The U.S. economy, boosted by quickening vaccinations and signs of rapid hiring, is headed toward a strong recovery, Federal Reserve Chair Jerome Powell said Thursday. But he cautioned that not all will immediately benefit. “There are a number of factors that are coming together to support a brighter...
State College construction firm accused of stealing $20 million from workers
HARRISBURG — A major Pennsylvania construction contractor was charged Thursday with stealing tens of millions of dollars from its own workers by systematically violating state and federal prevailing wage laws on taxpayer-funded public infrastructure projects. Glenn O. Hawbaker Inc. of State College, a 70-year-old company that booked $1.7 billion in...
Stocks rise as lower bond yields help lift tech companies
Technology companies led stocks to more gains Thursday on Wall Street, nudging the S&P 500 to an all-time high for the third time this week. The benchmark index rose 0.4% and is on track for its third straight weekly gain. Stocks within the S&P 500 were about evenly split between...
